Bitcoin has been the leader in the cryptocurrency market since the beginning, and it remains the most valuable altcoin. It also led the surge in the crypto market last year, climbing above $ 40,000 by the first week of January.
But Bitcoin retreated lower after that surge. It remains bullish, trading at around $ 37,000, but it hasn’t made any new highs for about a month. Ethereum, on the other hand, has been making higher highs throughout the last few weeks.
It first broke the 2017 high at $ 1,420 in the last week of January, as buyers continued to push higher, but it went through a small pullback lower, although the 20 SMA (gray) turned into support on the daily chart, helping buyers.
This week, Ethereum traders have given the crypto another push to the upside, with the price climbing around $ 400 so far. So, Ethereum remains really bullish, and the next target is the $ 1,700 level. We will try to buy Ethereum, but we will wait for a retrace lower, then we will probably go long at the 20 daily SMA, if it retreats down there.